Buying Burial Insurance for Your Parents: What You Should Know

buying a life insurance policy can provide peace of mind

Written by Kim Wilhelm

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Last Updated 21 May 2024

From costly prescriptions to frequent hospital visits, the final years of someone’s life can be the most expensive. When a parent passes away, surviving loved ones may not have the funds needed to handle the end-of-life expenses left behind, such as:

  • Medical bills
  • Hospice care
  • Funeral arrangements

For this reason, many people decide to purchase life insurance for their parents.

If you’re the adult child of parents who need protection, you can buy specific life insurance for their sake.

The Benefits of Buying Life Insurance for Your Parents 

Losing a parent is extremely difficult. Buying a life insurance policy can give you and your family peace of mind amid hardship. It shows that you're a caring and thoughtful person because you're helping make sure the money will be present to executive their final wishes. You want to give your parents the proper funeral they deserve. 


What’s the Best Life Insurance for Parents?

Whole life insurance is often the best option for parents between the ages of 40-85. These policies typically build cash value and don’t stop as long as premiums are paid. Most of the time, your parents can qualify without having to take a medical exam. The younger and healthier they are, the lower their premium will be.     

What Is Burial Insurance?

Burial insurance aka Final Expense Insurance is a simplified form of whole life insurance used to pay for all funeral and burial related costs. Any beneficiary named will get a coverage amount, which he or she can spend to cover funeral expenses. The maximum burial insurance policy is worth about $35,000. 

Depending on the policy, burial insurance provides enough coverage to pay for the funeral (usually around $9,000).  

Determine What You’ll Need to Cover

Before you choose a policy, determine what you’ll have to cover when they’re absent. A plan that’s cheaper every month may not be the right policy for your situation. 

The average cost of a funeral is about $9,000 or more, depending on the type of service. This cost may not include additional services, like:

  • Transporting the remains 
  • Using a funeral home for viewing
  • Purchasing a tombstone
  • Purchasing a burial plot 

Lastly, consider any debt or unpaid medical bills that your family might have incurred. 

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What You Need From Your Parent(s)

To purchase a parent’s policy, you’ll need their signed consent on an application or phone interview, and proof of insurable interest. 

As an adult child, you’d need to show that your parent’s death would cause significant financial strain for you — so you pay for their funeral or pay their bills. Also, clarify who will be paying the premium.   

Discuss with Your Parents

It’s not easy to talk with your parents about burial insurance and their final arrangements. However, having this conversation can be helpful in several ways. The kind of policy you buy will depend on their health, age, and financial situation. When you find out their needs, compare quotes, and consider your options. 

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Contact Final Expense Direct    

Final Expense Direct can help you find a burial insurance policy with the best terms for you and your parents. In the past three years alone, we've helped over 40,000 families find the perfect plan for their needs and budget. Please look around, and when you're ready, call 1 (877) 674-0236. We have licensed agents waiting to assist you.


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